The behavior of the luxury automobile industry has served as an indicator of China’s economic standing, and the new entrance of factories paired with reports of record sales prove that the market still has growth potential.
German luxury auto maker BMW AG (BMW.XE) plans to double its annual production of engines in China, the major growth driver for global car makers and where demand for upscale vehicles continues to be strong. Read the full Wall Street Journal article here.
The 15th Harbin International Automobile Exhibition opened in Harbin, capital of Northeast China’s Heilongjiang province, on Monday. Read the full China Daily article here.
Volkswagen yesterday opened a new production plant in China. Read the full Auto World News article here.
Volkswagen AG’s (VOW.XE) Audi premium brand edged closer to market leader BMW AG (BMW.XE) Monday as it posted robust sales growth and voiced optimism for the months ahead, in a further sign that luxury-car makers are withstanding the economic pressures better than their mass-market rivals. Read the full Wall Street Journal article here.
General Motors and its Chinese partners have announced its best July ever in terms of sales in China. Read the full Auto World News article here.
For some time, analysts have pointed to China’s projected car sales to illustrate the growth potential in the market. Read the full Barron’s article here.
China’s supercar market will grow at between 20 percent and 30 percent annually over the next five to 10 years, according to the general manager in Asia-Pacific for the famous Italian brand, Lamborghini. Read the full China Daily article here.
German carmaker BMW posted a 4.2 percent increase in luxury auto sales in July on strong demand from China and Russia, contrasting rival Mercedes-Benz, which suffered the first drop in volumes last month. Read the full Reuters article here.
Sales of vechicles in the U.S. will rise 7.4 percent (15.9 million) over the next three years, according to report by consulting firm Alix Partners. Read the full Auto World News article here.